8-K
filed February 16, 2023, 6:59 PM ET
ticker TOL
CIK 0000794170
debt
confidence high
sentiment neutral
materiality 0.60
Toll Brothers, Inc. (TOL): debt financing — Toll Brothers enters $1.905B revolving credit facility, extends term loan to 2028, switches from LIBOR to SOFR
Toll Brothers, Inc.
- New $1.905B senior unsecured revolving credit facility matures February 14, 2028; capacity can increase to $3.0B.
- Amendment to $650M term loan extends $487.5M of outstanding loans to February 14, 2028; $101.6M due Nov 2025 and $60.9M due Nov 2026.
- Both facilities replace LIBOR-based interest rate provisions with SOFR-based rates.
- No principal payments due on term loan before November 1, 2025; voluntary prepayment permitted without penalty.
- Revolving credit facility and term loan are guaranteed by Toll Brothers and substantially all wholly owned homebuilding subsidiaries.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 1.0
Toll Brothers, Inc. incurred revolving credit of $1.905 billion with Mizuho Bank, Ltd. as Administrative Agent maturing February 14, 2028.
- Instrument
- revolving credit
- Principal
- $1.905 billion
- Counterparty
- Mizuho Bank, Ltd. as Administrative Agent
- Maturity
- February 14, 2028
- Event
- incurrence
Exact text from the filing
On February 14, 2023, Toll Brothers, Inc. (the “Company”) and its wholly-owned subsidiary, First Huntingdon Finance Corp. (the “Borrower”), entered into a five-year, $1.905 billion senior unsecured revolving credit facility (the “Revolving Credit Agreement”) with the several lenders party thereto and Mizuho Bank, Ltd. as Administrative Agent.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 1.0
Toll Brothers, Inc. amended term loan of $487.5 million of outstanding term loans with Truist Bank, as Administrative Agent maturing February 14, 2028.
- Instrument
- term loan
- Principal
- $487.5 million of outstanding term loans
- Counterparty
- Truist Bank, as Administrative Agent
- Maturity
- February 14, 2028
- Event
- amendment
Exact text from the filing
On February 14, 2023 the Company, the Borrower, the several lenders party thereto, and Truist Bank, as Administrative Agent, entered into Amendment No. 5 (the “Amendment”) to the Borrower’s existing $650 million senior unsecured Term Loan Credit Agreement dated as of February 3, 2014 (as amended by Amendment No. 1, dated as of May 19, 2016, Amendment No. 2, dated as of August 2, 2016, Amendment No. 3, dated as of November 1, 2018, Amendment No. 4, dated as of October 31, 2019, and the Amendment, the “Term Loan Agreement”). Among other things, the Amendment extends the maturity date of $487.5 million of outstanding term loans to February 14, 2028
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Toll Brothers, Inc. entered into Revolving Credit Agreement with several lenders party thereto and Mizuho Bank, Ltd. as Administrative Agent valued at $1.905 billion (effective 2023-02-14).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- several lenders party thereto and Mizuho Bank, Ltd. as Administrative Agent
- Value
- $1.905 billion
- Effective
- 2023-02-14
Exact text from the filing
On February 14, 2023, Toll Brothers, Inc. (the “Company”) and its wholly-owned subsidiary, First Huntingdon Finance Corp. (the “Borrower”), entered into a five-year, $1.905 billion senior unsecured revolving credit facility (the “Revolving Credit Agreement”) with the several lenders party thereto and Mizuho Bank, Ltd. as Administrative Agent.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Toll Brothers, Inc. amended Amendment No. 5 with Truist Bank, as Administrative Agent (effective 2023-02-14).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Truist Bank, as Administrative Agent
- Effective
- 2023-02-14
Exact text from the filing
On February 14, 2023 the Company, the Borrower, the several lenders party thereto, and Truist Bank, as Administrative Agent, entered into Amendment No. 5 (the “Amendment”) to the Borrower’s existing $650 million senior unsecured Term Loan Credit Agreement dated as of February 3, 2014
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Toll Brothers, Inc. terminated Former Revolving Credit Agreement with lenders party thereto, Citibank, N.A. as Administrative Agent.
- Action
- termination
- Agreement
- credit facility
- Counterparty
- lenders party thereto, Citibank, N.A. as Administrative Agent
Exact text from the filing
In connection with the Company’s and the Borrower’s entry into the Revolving Credit Agreement, the Borrower repaid all outstanding indebtedness and other obligations under, and terminated, the Amended and Restated Credit Agreement, dated as of October 31, 2019, among the Borrower, the Company, the lenders party thereto, Citibank, N.A. as Administrative Agent and the other agents party thereto (the “Former Revolving Credit Agreement”), which provided for up to $1.905 billion of total borrowing capacity
View on SEC.gov
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